Former Chicago Bulls player Scottie Pippen has invested more than $20 million with a financial adviser that has been highly recommended by the team. But it turns out that the financial adviser had committed bank fraud, which led him to be sentenced to three years in prison.
According to Salon, the U.S. District Judge Charles Norgle sentenced ex-Chicago Bulls player Scottie Pippen's adviser, Robert Lunn, to up to three years in prison. On Tuesday, the judge gave Lunn less than the nine-year term that prosecutors asked for the 66-year old man.
The ex-financial adviser was alleged of defrauding clients and Oak Brook, which is an Illinois-based Leaders bank, of more than $3.2 million. The prosecutors also added that Lunn spent most of the money for his own advantage. He used them on his mortgage payments and client investment payments.
The Chicago Bulls player invested more than $20 million after his 17-year NBA career with his financial adviser that had been highly recommended by the Bulls. But less than a year later, Pipper and his wife discovered that Robert Lunn actually took their investments and committed bank fraud, as reported by the Chicago Tribune.
"Our accountant notified us that there was reason to believe Mr. Lunn had taken our investments and committed bank fraud," the Scottie and Larsa Pippen wrote in a letter to the federal court. They added, "To learn that such a substantial amount of our earnings were in the hands of a criminal was so disturbing. We felt violated and betrayed."
Pippen testified against his financial adviser during his 2014 trial. ABC NEWS noted that the NBA player stated that he received financial papers with his signature forged by his former financial adviser.
Judge Norgle also ruled that Lunn had even used sophisticated means to keep the fraud going. "This was not a garden variety fraud," Norgle stated. He also went on to claim, "The representations that he made along the way were an absolute lie. ... He presented himself to the victims here with skill and connivance."
Meanwhile, Lunn will be spending three years in prison. Norgle also ordered Lunn to pay $2.7 million and shell out an additional $1.5 million in restitution, including $400,000 directly to Pippen.
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